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StopBanks Blog
February 12, 2010
Unemployment Rate

Unemployment rate has been in the double digits for about four months.  Final report released from the Labor department stated that the unemployment rate was down to 9.7%.

Signs of recovery
•    Increase in factory jobs.
•   9.2 million individuals had reported their hours cut to part time, now that number is down to 8.3 million. 
•    President’s proposals to give small businesses more access to loans and tax cuts for adding employees.
•    6.3 million people were unemployed more than six months
•    247,000 jobs were added by staffing firms.

Statistics
•    8.4 million jobs lost within the last two years.  Another 1.2 million reported recently.
•    3.3 million jobs lost since the introduction of the stimulus plan.  Most White House economist estimated that without the plan an estimate 1.5 million jobs would have been lost.
•    January there were 541,000 more people employed compared with December.
•    Last month about 20,000 jobs were cut.
•    33,000 jobs were added by the federal government last month and an expected 9,000 of temporary workers will become hired for the 2010 census. 

Industries most affected
Construction, Retail and Business
•    All of which lost more than a quarter of a million more jobs with these past couple of years.

Economist have found that over 400,000 jobs a month for the next three years would need to be created to completely recovery the jobs that were lost during these past few years.  That is an unimaginable amount; this only puts more pressure on the president and his economic advisors. Many existing companies are not hiring whereas newer firms were creating more jobs.  Analysts do not see an increase in the job market any time soon. 

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